Nov 6, 2026, 6:47 AM ETHealthcare

Vogenx — Third Quarter 2026 Earnings Summary

VOGXVOGENX INC

Financial Performance

Cash, cash equivalents, and marketable securities totaled $82.1 million as of September 30, 2026, compared to $601 thousand as of December 31, 2025.
Research and development expenses for the three months ended September 30, 2026, were $1.1 million, an increase from $125 thousand in the same period in 2025.
General and administrative expenses for the three months ended September 30, 2026, were $704 thousand, up from $178 thousand in the same period in 2025.
Net loss for the three months ended September 30, 2026, was $4.9 million, or $(0.47) per basic and diluted share, compared to a net loss of $284 thousand, or $(0.05) per share, in the same period in 2025.
Total operating expenses for the nine months ended September 30, 2026, were $2.6 million, compared to $985 thousand for the same period in 2025.
Net loss for the nine months ended September 30, 2026, was $5.8 million, or $(0.82) per share, compared to a net loss of $936 thousand, or $(0.17) per share, in the same period in 2025.
Total current assets were $82.8 million as of September 30, 2026, compared to $681 thousand as of December 31, 2025.
Total stockholders' equity was $82.0 million as of September 30, 2026, compared to a deficit of $919 thousand as of December 31, 2025.

Topline results for the EMERGE Phase 2b study are expected in the second half of 2027.
The Company plans to initiate a Phase 2 study of mizagliflozin for gastroparesis in the first half of 2027.
Management anticipates the need for additional capital and financing based on capital requirements.

In October 2026, the Company initiated the EMERGE (NCT07760961) Phase 2b study evaluating mizagliflozin 5 mg and 10 mg for 28 days in approximately 36 adults with post-bariatric hypoglycemia (PBH).
The EMERGE study is a randomized, placebo-controlled, double-blind, parallel-group trial conducted at multiple centers in the United States.
Direct program expenses for the PBH EMERGE Phase 2b study totaled $714 thousand in the third quarter.
The Company is developing mizagliflozin for post-bariatric hypoglycemia, gastroparesis, and GIP-dependent Cushing's Syndrome.
The Company added critical headcount across the organization to support development programs.

The Company faces competition, including the possibility that competitors may obtain regulatory approval before Vogenx.
The Company relies on a license from Kissei Pharmaceutical Co., Ltd.

Risks include the initiation, timing, enrollment, and results of clinical trials, and the possibility that earlier study results may not predict later study outcomes.
The Company has limited operating history and depends on a small number of key personnel.
Material weaknesses were identified in the Company's internal control over financial reporting.
The Company faces risks related to regulatory review and reliance on third parties, including clinical research organizations and trial sites.

James Green, Chief Executive Officer, stated that the third quarter performance marks a pivotal milestone following the successful public listing in August.
Management expressed confidence in positioning the Company to advance the development of mizagliflozin for both PBH and gastroparesis.

In August 2026, the Company completed an IPO, issuing and selling 7,187,500 shares at $13.00 per share, including 937,500 additional shares from the underwriter's option exercise.
Net proceeds from the IPO were approximately $84.4 million after deducting underwriting discounts, commissions, and offering expenses.
In September 2026, Ken Toombs was appointed as an independent board member and chair of the audit committee.
In October 2026, Rich Gorman joined the management team as Chief Commercial Officer, leading commercial operations, corporate strategy, and business development.
The change in warrant liability contributed $3.4 million to the net loss for the quarter.
Interest income for the quarter was $0.3 million.